Thursday, July 17, 2014
Final regulations for qualified longevity annuity contracts (QLACs) have been issued by the Treasury Department. The final regs expand access to QLACs for those that wish to include them in their retirement plan. The regulations allow individuals who accidentally exceed limits to correct the error. The final regs also create a “return of premium” option, which allows for previously paid but uncollected funds to go back to the account when the account holder dies.
See Robert Bloink & William H. Byrnes, Final Longevity Annuity Regulations Clear Path for Future Growth, Life Health Pro, July 14, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.